The Casino Association Committee is preparing a consultation paper for government on the modernization of gaming regulations in the country.
In anticipation to this paper, this sub-committee of the Bahamas Hotel Association (BHA) plans to run an opinion piece on Friday in both local dailies outlining the vision. The association believes reform is absolutely necessary to bring the gambling product of age and capitalize on much higher streams of revenue.
The consultation could not come at a more crucial time.
Baha Mar, the $3.5 billion mega resort on Cable Beach, will feature the largest casino in all of the Caribbean when it opens in December 2014. A 10,000-square-foot casino is also being built on Bimini through a joint venture between Genting Malaysia and RAV Bahamas.
Meanwhile, efforts are underway to revive the gaming facilities on Grand Bahama linked to the Grand Lucayan.
What it all adds up to is a considerable gambling presence in The Bahamas through its tourism offerings.
According to Robert ‘Sandy’ Sands, senior vice president at Baha Mar and a member of the sub-committee, gambling currently brings in $140 million per year in revenue. In other countries, it produces “well into the billions”.
